One of the main issues payroll managers encounter when running payroll is to navigate around slow Bacs payment cycles of three days. We have identified four benefits that Faster Payments provide to gain flexibility around tight payroll deadlines.
1. More time to deal with late timesheets
Running hourly paid employees makes you rely on timesheet submissions, which sadly can be hustle to collect on time. Faster Payments give you more time to collect and still have staff paid on time.
2. Gain breathing room on weekly payroll
To have people paid by Friday your payroll needs to be ready by Wednesday. Having a faster option to send payments unlocks more time to get everything ready, and have people paid on Friday easily.
3. Serve Temp staff needs
The rise of temp staff workers in the country over the past few years has been yet another reason which has led payroll managers alike to rethink how payroll can be mapped to a set of different needs vs Bacs payroll. Faster Payments is a much better fit compared to three day payments, as most of those workers rely on their salary being deposited in their bank account rather sooner than later.
4. Have people paid out of hours
Bacs take weekends and nights off, whereas Faster Payments is working 24/7 around the clock. This gives you more options to have people paid off hours, rather than worrying with tight bank cut-off times or public holidays.
At Telleroo we are committed to end the era of slow payments and make them as effortless as consumer payments.